The inductive proximity sensor market was valued at USD 981.6 million in 2020 and expected to reach USD 1492.1 million by 2026 and grow at a CAGR of 7.3% over the forecast period (2021 - 2026). The growing automotive industry in Asia is also creating potential for global inductive proximity sensor market. China's new vehicle market expanded by 3% to 28.88 million units last year in 2017, according to data compiled by the China Association of Automobile Manufacturers (CAAM). China has also become both the world’s largest car market and the worldâ largest production site for cars, including electric vehicles, with much growth potential. The growing concept of connected vehicles and electric vehicles will further spur the growth for inductive proximity sensors in the automotive sector.

- The global automotive high-performance electric vehicles (EV) market is expected to register a CAGR close to 36% from 2018 to 2023. And the global autonomous/driverless market is expected to record a CAGR of 36.2% during the forecast period boosting the growth of inductive proximity sensor market.

- The growing government regulation regarding food safety, for instance, the Food Safety Modernization Act in the US, is also forcing food & beverage companies to adopt inductive proximity sensors and demanding them to innovate in industry-specific sensor category.

- For instance, the Allen Bradley 871TS Food and Beverage Inductive Proximity sensors from Rockwell Automation are specifically designed to address the most demanding applications in the food and beverage industry.
- The competitiveness in the industry has allowed vendors to innovate and enhance the performance of sensors bound by electromagnetic induction. For instance, in July 2018, Balluff's launched its new ceramic caps extend sensor life and minimize downtime by providing a layer of needed protection to the face of sensors in harsh conditions.

Key Market Trends

Industrial Segment is Expected to Occupy Significant Market Share

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- The growing industrial advancement is forcing industries like manufacturing and oil & gas to adopt inductive proximity sensors for their industrial automation.
- For instance, in the oil and gas industry, inductive proximity sensors provide a durable, reliable solution for measuring variables on offshore oil rigs. These sensors can endure the harsh sea conditions, such as saltwater, which can be corrosive and damaging to equipment.

- Therefore, deploying inductive proximity sensors can reliably measure the final positions of pipe handlers and other moveable components on the rig without performance being affected by the elements.
- Besides, these sensors are not affected by contamination, which makes them impervious to oil, grease, and dirt.

North America Dominates the Inductive Proximity Sensor Market

- The automotive industry in the North America is flourishing due to the advent of self-driving cars, and increasing demand for advanced and better vehicles, like SUVs and pickup trucks. The United States is the dominant country in the region, owing to the presence of major industries, established car manufacturers, a booming healthcare industry, etc.

- The United States houses major players, like General Motors and Ford, while also having manufacturing plants of other manufacturers, like Hyundai and Kia. Around 14.5 million automobiles were sold in North America.

- The increasing need for material handling in industrial and automotive applications is spurring the demand for proximity sensors in the region. Proximity sensors are typically attached to material handling equipment (MHE), such as, forklifts; they activate a signal when an entity (a person or other MHE) is detected.
- In the industrial segment, the harsh environmental resistance, robust nature, and extreme reliability are expected to witness an increased adoption rate for many applications. However, these sensors can only detect metal objects, limiting their functionality in other industries that do not make use of metal, and this can affect the growth of the North America Inductive proximity sensor market.

Competitive Landscape

The inductive proximity sensor market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on inductive proximity sensor technologies to strengthen their product capabilities.

- July 2018 - OMRON Corporation and TOWA Corporation, a company of semiconductor molding machines, came to an agreement to transfer all stocks of OMRON Laserfront Inc. (hereafter OLFT) owned by OMRON to TOWA.

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